Divorce dilemmas for directors 3 – The powers of the court

4th December 2013

If you, or your spouse, are a company director and you are on the brink of a divorce, you may naturally be concerned about protecting your business assets.

In this series of blogs, Laura Lambert, a divorce solicitor with Ansons family law team in Cannock Staffordshire helps you solve the many dilemmas you may face about your divorce and the future of the business and your assets.

You may think that the court has no power over your business assets in a divorce.

In fact, the court does have the power to take your business assets into account when deciding how to share the assets of the marriage as part of the divorce process. The extent to which your business assets will be taken into account depends upon a number of factors including: 

  • whether you entered into a pre-nuptial agreement before you got married;
  • whether your shares held on trust or owned outright by you;
  • if you a 100 per cent shareholder or have a majority or minority interest in the business and the terms of the shareholder agreement;
  • if the business was an inherited assets;
  • the length of your relationship or marriage; and
  • the level of non-business related assets of the marriage available. 

For further advice, please contact Laura Lambert in the family team, on 01543 431996 or email Ansons Solicitors has offices in Cannock and Lichfield, Staffordshire.